IMPORTANT - New Tax Year

Please be advised that this coming Friday, 6th April 2018 sees the beginning of the new tax year.

Amongst the various things which reset and start again, we would like to draw your attention to the treatment of National Insurance Contributions (NICs) if you are a director of your own limited company.

If you wish, you can choose to pay no NICs at all on the first £8,424 of your salary. Once you reach this threshold though, the full amount of NICs for both employers and employees will be deducted from your taxable income.

PAYE RESERVE – Smooth out your deductions

If however you would prefer to even out your NIC deductions throughout the year, then now is a good time to discuss this with us as we can reserve a proportion of your net pay to ensure that the level of deductions from your income is evened out.

If this sounds like something you might like, then just email or call us on 0844 225 2975 to ask about our 'PAYE Reserve' service.

There is no additional cost and it can take away any uncertainty about your deductions.

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Calculation of National Insurance Contributions

From 6th April, it is possible that you might notice an increase in your take-home pay.

This is as a result of commencing the new tax year and the way that National Insurance Contributions (NICs) are treated for directors of their own limited companies.

From this point until the moment your taxable earnings reach £8,060* you will not have to pay any NICs. Once over this limit, you will pay NICs as you do at present.

If you have any questions about this, please do not hesitate to contact us.

Nova Accountancy fees

As you know, Nova Accounting charges a £10 per payment fee for handling all your limited company administration and processing expenses.

*pro-rata figure applicable for tax year 2016-17, depending on when you start in the financial year. This will be increasing to £8,164 for tax year 2017-18.

Welcome to Nova Accounting

Welcome to Nova Accounting – a specialist provider of accounting and business administration services tailored to the requirements of limited company businesses.

We have a wealth of experience in handling the tax and accounting requirements of self-employed workers and can provide you with a tailored service, which leaves you to concentrate on doing your business.

Setting up as a limited company can feel a bit daunting, but we're here to make things straight forward!

If you are new to self-employment, then help is at hand to guide you through the process from setting everything up, dealing with your tax each week, VAT, right the way through to completing your self-assessment.

Please call our customer services department to discuss all of the services we offer and any queries you may have.

We look forward to hearing from you soon!
Nova Accounting Ltd, Registered in England No. 07931398
Registered Office 7 Limewood Way, Leeds, LS14 1AB | Copyright © Nova Accounting Ltd 2017. All rights reserved